§ 80a-13. — Changes in investment policy.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC80a-13]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I--INVESTMENT COMPANIES
Sec. 80a-13. Changes in investment policy
(a) No registered investment company shall, unless authorized by the
vote of a majority of its outstanding voting securities--
(1) change its subclassification as defined in section 80a-
5(a)(1) and (2) of this title or its subclassification from a
diversified to a nondiversified company;
(2) borrow money, issue senior securities, underwrite securities
issued by other persons, purchase or sell real estate or commodities
or make loans to other persons, except in each case in accordance
with the recitals of policy contained in its registration statement
in respect thereto;
(3) deviate from its policy in respect of concentration of
investments in any particular industry or group of industries as
recited in its registration statement, deviate from any investment
policy which is changeable only if authorized by shareholder vote,
or deviate from any policy recited in its registration statement
pursuant to section 80a-8(b)(3) of this title; or
(4) change the nature of its business so as to cease to be an
investment company.
(b) In the case of a common-law trust of the character described in
section 80a-16(c) of this title, either written approval by holders of a
majority of the outstanding shares of beneficial interest or the vote of
a majority of such outstanding shares cast in person or by proxy at a
meeting called for the purpose shall for the purposes of subsection (a)
of this section be deemed the equivalent of the vote of a majority of
the outstanding voting securities, and the provisions of paragraph (42)
of section 80a-2(a) of this title as to a majority shall be applicable
to the vote cast at such a meeting.
(Aug. 22, 1940, ch. 686, title I, Sec. 13, 54 Stat. 811; Pub. L. 91-547,
Secs. 2(b), 3(d), Dec. 14, 1970, 84 Stat. 1414, 1415; Pub. L. 94-29,
Sec. 28(4), June 4, 1975, 89 Stat. 165.)
Amendments
1975--Subsec. (b). Pub. L. 94-29 substituted ``section 80a-16(c) of
this title'' for ``subsection (b) of section 80a-16 of this title''.
1970--Subsec. (a)(3). Pub. L. 91-547, Sec. 3(d), prohibited
deviation from any investment policy which is changeable only if
authorized by shareholder vote, substituted ``section 8(b)(3)'' for
``section 8(b)(2)'', and in the latter deviation provision struck out
``fundamental'' before ``policy''.
Subsec. (b). Pub. L. 91-547, Sec. 2(b), substituted reference to
``paragraph (42)'' for ``paragraph (40)''.
Effective Date of 1975 Amendment
Amendment by Pub. L. 94-29 effective June 4, 1975, see section 31(a)
of Pub. L. 94-29, set out as a note under section 78b of this title.
Effective Date of 1970 Amendment
Amendment by Pub. L. 91-547 effective Dec. 14, 1970, see section 30
of Pub. L. 91-547, set out as a note under section 80a-52 of this title.
Section Referred to in Other Sections
This section is referred to in sections 80a-6, 80a-18 of this title.
